Forecasting (Scenario)
Imagine that you are a manager in the construction industry in Calgary, Alberta. Calgary has recently been experiencing rapid growth, bringing with it increased demand for construction services and more intense competition. The provincial government has been easing restrictions on public land use and has promoted a business-friendly environment to attract more corporations to the area. Furthermore, the oil business is booming, and there is a severe shortage of housing and worker accommodations in the oil-producing regions. However, you are also aware of how quickly these factors can change and the impact that a change in government or a decline in the price of oil can have on the construction industry. Given these considerations, you try to develop a forecast to help plan your company's future.
You form a consistent view that oil prices will inevitably rise, and based on this information, you develop several plans to capitalize on the housing demand in the oil industry. You have developed a ________.
◦ time series analysis
◦ quantitative forecast
◦ benchmark
◦ linear program
◦ scenario
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Describe the Conceptual Forecasting Framework in your own words.